The average long-term U.S. mortgage rate fell below 6% for the first time since late 2022, dropping to 5.98% from 6.01% last week, according to Freddie Mac. This decline comes as the spring homebuying season begins, potentially encouraging buyers. Despite recent dips in mortgage rates, home sales remain sluggish, with sales of previously occupied homes at 30-year lows. Analysts suggest that if rates stay low, the market may see increased activity as buyers and sellers re-engage.
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